More Americans are renouncing their citizenship—who is leaving and why

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The bigger shock in the letter, though, came when the bank informed Lehagre he could be a “potential tax evader,” because he had never filed income tax returns with the Internal Revenue Service. Lehagre had been born in the U.S.to an American mother and French father, but had not lived there since he was 18 months old.

According to a 2020 survey of government data, 5,816 Americans renounced their citizenship in the first half of that year, more than a ten-fold increase from the last six months of 2019.

Though few Americans living abroad actually pay double the taxes after credits and exclusions (though some do), the hassle—and the high filing fees—are enough to catalyze some into renouncing their citizenship.

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Article Details

Author / Journalist: Alicia Adamczyk

Category: EconomyBusiness

Markets: United StatesCanadaFranceMaltaPortugal

Topics: Taxes Europe Wealth Citizenship Passports Immigration

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-01 @ 11:00:00 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: fortune.com

Language: English

Article Length: 1459 words

Reading Time: 9 minutes read

Sentences: 53 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fortune

News ID: 23363543

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Official Website: fortune.com

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